SAILING THE SEAS OF SUCCESS - Swissco Holdings Limited

NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2004
17. Property, plant and equipment
The Group
Vessels/
barges
Leasehold
buildings
Motor
vehicles
Furniture,
fittings and
computers
Plant and
equipment
Vessels-inconstruction
Total
$ $ $ $ $ $ $
Cost
At beginning of
the year 10,435,424 3,093,195 742,984 74,721 3,635,775 1,821,129 19,803,228
Additions 46,930 – 523,153 24,107 141,817 7,383,167 8,119,174
Disposals (5,708,591) – (112,330) (19,187) (1,298,746) – (7,138,854)
Transfer from
vessels-inconstruction
1,619,599 – – – – (1,619,599) –
At end of the year 6,393,362 3,093,195 1,153,807 79,641 2,478,846 7,584,697 20,783,548
Accumulated
depreciation
At beginning of
the year 4,023,660 1,013,825 192,641 32,198 2,570,105 – 7,832,429
Depreciation 336,117 207,937 208,648 10,686 393,439 – 1,156,827
Disposals (2,047,696) – (59,281) (14,549) (1,162,626) – (3,284,152)
At end of the year 2,312,081 1,221,762 342,008 28,335 1,800,918 – 5,705,104
Net book value
At 31 December
2004 4,081,281 1,871,433 811,799 51,306 677,928 7,584,697 15,078,444
Net book value
At 31 December
2003 6,411,764 2,079,370 550,343 42,523 1,065,670 1,821,129 11,970,799
Motor vehicles costing $458,893 (2003: $241,369) are registered in the name of employees who hold them in
trust for the Group. Leasehold buildings are mortgaged to secure bank loans (note 19).
Additions include $523,153 (2003: $382,469) motor vehicles leased under finance leases. The carrying amounts of
motor vehicles and plant and equipment held under finance leases at 31 December 2004 amounted to $767,011
and $36,600 respectively (2003: $477,048 and $54,900 respectively).
SWISSCO INTERNATIONAL LIMITED_42